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this big, grand compromise, the president and and congressional leaders need to negotiate to raise that limit. they're e manding 2 trillion in spending cuts be made to give the president the increase he wants and democrats demanding any deal to cut spending like that has to include an increase in tax revenue. the big question, going into tonight's meeting is whether a smaller deficit reduction n dea is possible. both sides are saying it can be done. failure to do it would lead to economic meltdown. >> jon, thank you very much. joining me to discuss the road ahead is the white house chief of staff bill daley. thank you very much for joining us. you've heard what jon said. you've seen what speaker boehner has done last night. what's your reaction to the deal being pulled right now? >> it's very unfortunate the speaker made the comments he has. the president is committtt to solving this deficit possible for the future of america. he's looking forward to the meeting to play out his case. he's saying, it is time now to make the tough decisions. in this town, generally they kick the can.
probing with the white house the possibility of a big deal that would be nearly $4 trillion in deficit reduction and include $800 billion in added tax revenues over the next ten years. if he goes this route, i am told he will face a revolt from his republicans on the house including his fellow leaders including kevin mccarthy, i'm told he is still considering it even though it's risky. >> treasury secretary tim geithner joins me now. he would have to manage the chaos if the united states defaults for the first time in history. secretary geithner, thank you for being here. well, you just heard what jonathan said about what'ss on the table. is it possible that there will be a framework deal in place by 4:00 p.m. this afternoon. >> i hope so. again, both leaders recognize they're running out of time. they need to get this process moving in the house by monday night to achieve that deadline. they need to have a framework that they know with complete confidence will pass both houses of congress and is acceptable to the president and that should happen today. >> you think it can happen befor
'r're not ready to vote f this, are you? >> from a big picture, i'm not ready to vote for this. let me tell you why -- excuse me, george, the bottom line here is, the people who got elected are not excited about being republicans or democrats, they are excited about results. and it is fair to say, we've achieved significant change in the way washington works by paying for the debt ceiling increase and not passing it on to the credit card. we've not achieved entitlement change, we've not reduced the size and scope of government. we're going in the wrong direction at a slower pace and for a lot of people that is not winning. >> you're an internationalist. we talked about all sorts of things like afghanistan. you saw the soldiers yesterday and i asked david plouffe, desperately asking their commander, admiral mullin, whether they will get paid. and he said i can't tell you. >> i can. i can tell them. here's what i would have said, not only are you going to get paid. admiral mullin said the number one national security issue facing this country is debt. and i wish we would have followed on with wha
's more restraint in order. he made it clear for a big deal, there will have to be balance between revenue and spending. the question is how much can we get done? the president's view is clear. we have to get as much done as we can to give assurance to the market and american people that we have our fiscal house in order. >> if you have to predict, what is the deal that will get done to avoid a deadline, potential catastrophe as we're calling it? >> i think the minimum, i believe the debt will be extended. notwithstanding, the voices of a few willing to play with armageddon, responsible leaders in washington, are not. our efforts over the next days is, in addition to that, do as ch as we possibly can to make the tough decisions. this is a question of leaders coming together and saying, we are going to do hard things on both sides. and the time is now, as the president said, if not now, when. >> jack lew, thank you very much for joining us. >> thank you indeed. >> and the parties in a bit of a cooling off period after a contentious series of white house meetings at one point tempers flared
, the argument has become a more big picture thing. the tea party arguing the country slipped its constitutional moorings in a wholesale way. >> i believe in the founding father's vision of a limimed government. >> reporter: it's an argument that income taxes and federal reserve in governmein governmen guarantee health care and government that keeps growing is not all that is intended by the framers of the constitution. the guys whose intellectual garb they honor at rallies, garnering in what they did. we need to go back, but who is to agree what that means? >> we need to reread the constitution and enforce the constitution. there's a little section in there that talks about l le, liberty and pursuit of happiness. reporter: actually, that's not the constitution, that's the declaration of independence. lots of people seem to mix them up. >> drawing on promise and shrine in our constitution, the notion that we're all created equal. >> it's a very slippery slope to cherry picking your favorite golden oldie from the founding fathers and slapping it on political speeches. democrats and republicans qu
Search Results 0 to 12 of about 13 (some duplicates have been removed)

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